James Murdoch and Uday Shankar invest US$1.8 billion into Ambani-backed Viacom18

James Murdoch and Uday Shankar invest US$1.8 billion into Ambani-backed Viacom18
FILE PHOTO: Media Mogul Rupert Murdoch poses for a photograph with his sons Lachlan (L) and James as they arrive at St Bride’s church for a service to celebrate the wedding between Murdoch and former supermodel Jerry Hall which took place on Friday, in London, Britain March 5, 2016. REUTERS/Peter Nicholls

A firm run by James Murdoch, the son of global media mogul Rupert Murdoch, and Uday Shankar, a former Disney executive, is going to be investing 135 billion rupees, or about US$1.8 billion, into a venture media company called Viacom18. The company has also been backed by Mukesh Ambani, India’s richest man.

Basically, the group is looking to take control of a huge share of India’s media market, which is the second biggest in the world. The company is reportedly even bidding for broadcast rights to the Indian Premier League.

Key comments:

“James and Uday’s track record is unmatched,” said Mukesh Ambani, chairman and managing director of Reliance Industries, in a statement. “For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia and around the world.”